Turned down by Capital One Auto Finance?

Question

I was turned down by Capital One Auto Finance and can't seem to figure out why. We've had 2 auto loans thru them and paid on time everytime. We have one that is current, the other was traded in. We also have a credit card that we pay on time. Our credit scores are around 620, which I know is not the best, but it is better than last October when they were around 580 and they financed us then?!? The only thing I can think of is that we had an issue at my bank where the bank placed a stop payment on my car note by mistake, which meant my payment was like 15 days past due. Totally not my fault as I paid the darn thing 4 times during this month and only one went thru the bank after repeated calls to both capital one and the bank. I think this may have something to do with it because when I applied my payment was showing past due, even though I paid it. Anyone think of a reason for the denial. Or know how I should handle? I've called and all they'll say is they've sent a letter.

Answer 1

I think there is a law that says when you are turned down for credit, you must be told why. The finance company should have sent you something saying why they elected not to finance you.



As far as the other matter. if in fact the mess up with you car payment being late is the banks fault, you should ask them for a letter explaining what happened and send that to the three credit bureaus asking it to be included in your file, and for the late payment to be removed from your file.

Answer 2

Auto finance is what I do for a living and I use Capital-One every month. They are very strange to say the least. I have seen them approve people that should not have been able to get a loan from anybody and then turn around and turn someone else down that was a good deal. Their own reps cant even tell you what they will buy. The fact that your payment showed as late at the time was most likely the reason for the decline. But the bad thing about Cap-One is once their computer turns someone down there is not a lot you can do. If you went through a dealer, you should call them and have them call Cap-One for you. If not call Cap-One and ask for a credit manager.

Answer 3

Capital One is what I call "Fly by night finance" They handle "problem" credit loans. I am sure the bank problem is the main culprit. I would pursue this issue until the situation is corrected and then I would have the bank write a letter to Capital. (yes, they can do that), and the credit bureaus If you paid the account 4 times and only one went through, you have another issue. Why did that one go through and not the others? What else didnt get paid because of this issue? etc.

Answer 4

TRY TO GET A LOAN THRU A CREDIT UNION FIRST. IF THAT DONT WORK THEN FINANCE THRU A DEALERSHIP BUY A NEW OR USED CAR AND HAVE THE DEALER GET YOU THE FINANCING . IF THEY WANT TO SELL YOU THE CAR THEY WILL DO IT. THEN YOU CAN GET THE CAR AND REFINANCE ON YOUR OWN THE NEXT MONTH THRU YOUR OWN BANK OR CREDIT UNION, USING THE CAR AS COLLATORAL AND LOOK FOR THE BEST INTEREST RATE AROUND. USUALLY THE DEALER INTEREST RATE IS VERY HIGH.

Answer 5

You are way over your head in debt.Pay cash for a car.Good cars out there for less than $2000.